Horry legislators set for session

Posted on January 11, 2010 
Filed Under News

Taxes, budget main items on S.C. agenda

Legislation that is highly sought-after by the real estate industry is first up on the state Senate agenda when lawmakers reconvene Tuesday, but a local member says the bill will not pass in its current form.

Local lawmakers are more optimistic, however, about chances for continued funding of the 2-for-1 tourism marketing matching grant and other boosts for tourism because visitors are a key piece of the state’s economy.

Legislators spoke last week about bills and budget items likely to be considered in the second year of the two-year session.

Taxes

On the measure known as the “point-of-sale” bill, the proposal seeks to cap at 15 percent any increases in the value of property when it changes hands. The real estate industry says the law - which requires taxing values to jump to up-to-date ones when property is sold - is stifling sales and running some business buyers to other states.

A busload of real estate brokers plan to visit the Capitol to urge favorable action on Wednesday, the time when the bill is most likely to be debated.

But the way it’s drawn, the point-of-sale relief bill will cost Horry County Schools $10 million and Georgetown County schools $4 million, said state Sen. Ray Cleary, R-Murrells Inlet. Some counties will get more than they currently receive. Read more